Ethereum News: ETH Struggles Below $2,300 Amid Anticipation of Crypto Summit and Regulatory Changes

Ethereum’s price action remains subdued as investors eagerly await the upcoming Crypto Summit. A slight increase in the number of Ethereum whales hints at potential market movements influenced by regulatory shifts or the inclusion of ETH in the US strategic crypto reserve.

Ethereum (ETH) Struggles Below $2,300 Ahead of Crypto Summit

Ethereum (ETH) is currently trading below $2,300 as users await the Crypto Summit. The number of Ethereum whales has increased slightly, possibly due to anticipation of regulatory shifts or the inclusion of ETH in the US strategic crypto reserve. For ETH to turn bullish, it needs to break key resistance levels and sustain buying pressure. The BBTrend indicator for Ethereum has improved to -2.6 from -5.12, suggesting a reduction in bearish momentum, but an uptrend has not yet gained traction.

Ethereum Price Falls Amid Pectra Upgrade Issues

Ethereum (ETH) price has declined toward the average cost basis of investors following issues with the Pectra upgrade. The MVRV ratio has dropped below 1, signaling an undervalued region. Developers will decide on the timeline for the Pectra mainnet upgrade after recovering the Holesky testnet. ETH risks further decline to $1,500 if it fails to recover above $2,200.

Ethereum’s Fractal Hints at 2017-like Rally

Ethereum’s price action in 2024-2025 is mirroring the 2016/17 pattern that led to a significant rally. The charts show a fractal pattern, with large price movements and a breakdown preceding a potential surge. In early 2024, ETH dropped to around $2,400, then rebounded to approximately $4,000, and is now retesting the $2,400 support level. This pattern suggests that if ETH mirrors its historical behavior, the $2,400 support could spark a new bull run. However, the outcome is still uncertain.

1.10M Ethereum Scooped Up by Whales, Market Speculates

In the past 48 hours, whale wallets have accumulated a staggering 1.10 million ETH, sparking speculation across the market. Despite this significant buying pressure, Ethereum remains in a downtrend, with its price action caught in a tug-of-war. Bitcoin’s dominance strongly influences the overall market sentiment, leaving investors to wonder if these high-net-worth investors are positioning ahead of a major catalyst or if this is just another calculated play in the increasingly volatile cryptocurrency landscape.